China cancels trade talks with US as tariff threats escalate

China will impose an additional $60 billion in tariffs on US imports in retaliation to $200 billion in tariffs on Chinese imports set by US President Donald Trump. (File/AFP)
Updated 22 September 2018
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China cancels trade talks with US as tariff threats escalate

  • A mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned
  • China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods

SHANGHAI: China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources.
The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned.
Earlier this week, China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods set to go into effect from Sept. 24.


Nestle confirms guidance as third-quarter growth ticks up

Updated 14 min 30 sec ago
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Nestle confirms guidance as third-quarter growth ticks up

  • Packaged food companies are struggling to adjust to consumers’ growing appetite for fresh, local foods
  • Nestle’s organic sales, which strip out currency swings and acquisitions, rose 2.9 percent in the third quarter

ZURICH: Food group Nestle confirmed it wants to grow sales by around 3 percent this year after it reported on Thursday improved trading in North America and infant nutrition had pushed up underlying sales in the third quarter.
Packaged food companies are struggling to adjust to consumers’ growing appetite for fresh, local foods, and Nestle and its peers are trying to boost performance by cutting costs, shedding underperformers and diversifying into premium and health foods.
“We are starting to see improved momentum in North America and in our infant nutrition category globally. Our business in China continued to grow at a mid-single digit pace,” Chief Executive Mark Schneider said in a statement on Thursday.
Nestle’s organic sales, which strip out currency swings and acquisitions, rose 2.9 percent in the third quarter, in line with forecasts in a Reuters poll. They were up 2.8 percent in the first nine months.
The maker of KitKat chocolate bars and Nescafe instant coffee also announced that Wan Ling Martello, currently head of the company’s zone Asia Oceania Sub-Saharan Africa (AOA), was leaving the company and would be replaced by Chris Johnson, currently head of group human resources and business services, on January 1.
Martello, who was chief financial officer before taking over zone AOA, was among the potential candidates to take over the CEO role at Nestle before company outsider Mark Schneider was appointed two years ago.
Peer Danone said on Wednesday that slacker demand for baby food in China and a consumer boycott in Morocco slowed third-quarter sales growth.